Bill Smead Blog | Talkmarkets | Page 1
CEO, Smead Capital Management
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William is the founder of Smead Capital Management, where he oversees all activities of the firm. As Chief Investment Officer, he is the final decision-maker for all investment and portfolio decisions as well as reviewing the implementation of those decisions in the firm’s separate ... more

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EC Is Grave Dancing “Extremely Dangerous”?
Since almost nobody is worried about inflation, there are wonderful opportunities for investments that would benefit from the crowd being wrong.
Nobody Knows Nothin’ At Psychological Extremes
There are two psychological extremes in the stock market. First, when success is assumed; second, when failure is projected.
When Revenue Growth Collapses
When interest rates rise in the future there will be a total collapse in the financial euphoria which got us here and a collapse in the revenue growth stories which created the euphoria.
Risk Blackout
In financial euphoria episodes, investors become immune to the risks of capital destruction by blacking out to their normal risk aversion.
Seeing The Baseline
It is more important than ever to maintain a long duration view in today’s markets. When the noise becomes deafening, you need discipline in order to hear the signal.
Battle Royal Markets
Over the last ten years, we’ve seen the rise of the Battle Royal markets and the shift away from one-on-one investing. The opposite of an industry with a moat is a battle royal.
Maverick Risk
A look at a few of the maverick risks among our holdings which appear especially attractive to us at current prices.
Money Goes Where Treated Best
We believe that millennials will move to where their money get treated the best. We also believe that many of today’s best investment opportunities are tied to their comfort with mobility and their willingness to move around the country.
Munger And Icahn Make Oil Investing “Easy”
When you listen to Munger talk about stocks, what you hear is a call for great patience to wait for what he calls “easy ideas” to invest in.
EC A Wizard's Spell
Casting spells remains well represented in the Federal Reserve Board’s toolbox and the market appears spellbound by it.
Political Football Stocks
It is never fun for a sector to be a political football and get kicked around like the banks have been and the pharma/biotech complex is now.
Patience And Free Cash Flow
Patience is required to allow free cash flow to grow your capital over the decades.
The Risk Pendulum
A series of important factors in the U.S. stock market are in play which beg the question, “Are we at the beginning of a risk cycle or at an ending?” The answers will have a bearing on what to own and where to be positioned going forward.
Did Vanguard Kill Wall Street’s Golden Goose?
Many are wondering why the market for Initial Public Offerings (IPOs) has performed so poorly, even though the flood of hot new ones came to market recently.
The Beyond-Meat Market: IPOs Gone Wild
Looking at some of the stats, you might get the impression that the IPO window is as fickle as fashion trends. Welcome to the voting machine of the stock market.
Berkshire Hathaway Annual Meeting 2019: Who Is Judas Iscariot?
Charlie Munger set the tone for the 2019 Berkshire Hathaway Annual Meeting. He said that people involved in creating cryptocurrencies, “honored the life and work of Judas Iscariot.”
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